VA Loan Mythbusters - Final - Home Loans for Veterans

It may seem like the process for getting a VA home loan is just too complicated to be worthwhile. This is probably the biggest myth of all. All it takes is to have someone who understands the process to guide you.

The VA home loan guarantee program has evolved over the years – and continues to evolve as the needs of the veterans and the nature of the technology change. What used to take months to do can now be done at the push of a button on your personal computer. No longer do you have to send paper documents back and forth. In today's wired world, you can request forms and paperwork online and whatever you can't download, you will receive in days instead of weeks.

Lenders no longer try to steer veterans away from Veteran Home Loans because they know that the process has been streamlined. It started with the ACE (Automated Certificate of Eligibility) system which allows lenders to obtain your eligibility documentation for you and has evolved into a new automated system called VALERI. This system provides access to reporting data at the touch of a button – by VA lenders. This new system addresses virtually all the loan servicing regulations, processes, and reporting requirements. This system also has a portal that provides the veteran with a central Internet location to check on all the items of interest to them.

The key to obtaining a VA Loan is to know what is expected of you and what to expect from your lender. There are certain requirements and certain paperwork that must be in order before the VA will approve a loan guaranty. If you know what is required and obtain the proper information, you will find the process to be an easy one. The problem is that most veterans go through this process only once or twice in their lives. This creates the myth that VA Home Loans are too complicated and not worth the time and effort. Nothing could be farther from the truth.

VA guarantee
written by Amy Hartze, July 28, 2009

Is it true that the VA won't allow you to have two home loans with VA guarantee. This is the situation we are running into. We have sold our house and purchasd a new one. The home we lived in will close 9-15-09 and our new home closes 07-31-09. The reason for extended closing is because it first time home buyer program buying our home. The lender is telling us that the VA won't allow us to have the enough entitlement for our privous home to sell and for us to buy our new home. This would have worked well if we had closed on both homes on the same day. This wasn't possible. So are we just out of luck because one house couldn't close in a timely manner. Seems strange that the VA wouldn't allow soldiers to sell on home and buy another home. If you could help me with this that would be great.